Remember when the Teapublicans were running for office last November? They hammered Democrats for not creating jobs fast enough and promised to have a laser-like focus on the economy. Well, I guess you could say they were telling the truth. But who knew they were actually referring to a laser site on an assault weapon aimed at killing the economy entirely?
Since the debt ceiling first became an issue in January, Teapublican antics have already had a disastrous effect. The lingering debate over the debt ceiling has caused many employers to question the outcome. As a result, they have delayed hiring and any new expenditures. In recent days, the stock markets are down dramatically. And new data has shown that the economy grew at a pitiful rate in the first quarter of this year. All of this is the result of uncertainty.
Now imagine what will happen if Teapublicans actually fail to raise the debt ceiling. Or if they succeed in making the draconian cuts they want.
How much will the stock markets crash if the US defaults on its debts? What will be the long term effects if US Treasury bonds are downgraded? What will happen when consumer interest rates skyrocket? What will be the economic effect of failing to make Social Security payments? How many people will die if doctors know they wont be reimbursed by Medicare?
Truth is, the Teapublicans now controlling our debt ceiling debate may well have a greater negative impact on our nation than Timothy McVeigh, Al Qaeda and the Taliban combined.